| A | B |
|---|
| Selling | The exchange of goods and services from producers to consumers for a price. |
| Data-based | Involves the collection of information about past, current, and potential consumers. |
| Personal selling | A two-way communication between a representative of the company and the customer. |
| Business to business (B2B | One business selling goods or services to another business. |
| Direct mail | Is personal and received in the mailbox. |
| Internet selling | Selling executed on the internet. |
| Customer | The person who buys the product or service. |
| Consumer | The person who uses the product or service. |
| Need | Anything required to live. |
| Want | An unfulfilled desire. |
| Full-menu marketing | Having products or services that meet virtually any customer’s needs and/or wants. |
| Features | The basic, physical, and extended characteristics of an item. |
| Benefits | The advantages or personal satisfaction a customer will get from a good or service. |
| Feature-benefit selling | Matching the characteristics of a product to a customer’s needs and wants. |
| Buying motives | The motives for customers to purchase a product. |
| Rational motives | Motives based on conscious, logical thinking and decision making. |
| Emotional motives | Motives based on feelings. |
| Patronage motives | Motives based on loyalty. |
| Decision-making process | What customers go through in order to determine what products they will buy. |
| Extensive decision-making | Occurs when there is a high level of perceived risk, a product or service is very expensive or has a high value to the customer. |
| Limited decision-making | Occurs when a customer buys products that he or she has purchased before but not regularly. |
| Routine decision-making | Occurs when little information is needed about the product being purchased. |
| brand | a name, word or words, symbol, or design that identifies an organization and its products |
| brand name | a word or words, letters, or numbers representing a brand that can be spoken |
| trademark | a device that legally identifies ownership of a registered brand or trade name |
| brand equity | the value a brand has beyond its actual functional benefits |
| manufacturer brand | a brand owned by the producer of the product |
| co-branding | a branding strategy that combines one or more brands to increase customer loyalty and sales for each product |
| intermediary brand | a brand that carries a name developed by the wholesaler, retailer, or catalog house |
| generic brand | a brand that represents a general product category and does not carry a company or brand name |
| licensing | an agreement that gives a company the right to use another's brand name, patent, or other intellectual property for a royalty or fee |
| economics | The study of how to meet the unlimited wants of a society with its limited resources. |
| resources | All things used in producing goods and services. |
| land | Includes everything contained in the earth or found in the sea. |
| labor | All the people who work in the economy, including full and part-time workers, managers, public employees, and professional people. |
| capital | The money needed to start and operate a business. |
| scarcity | A condition in which more goods and services are desired than are available. |
| economic good | A tangible item. |
| economic service | Intangible |
| entrepreneurship | Skills of people who are willing to take the risk of starting their own business. |
| utility | Economic term referring to the added value or "usefulness" of a product. |
| form utility | Value added by changing raw materials or putting parts together to make them more useful. |
| place utility | Value added by having a product where customers can buy it. |
| time utility | Value added by having a product at a certain time of year or a convenient time of day. |
| possession utility | Value added by exchanging a product for some monetary value. |
| information utility | Value added by communicating with the consumer. |
| Promotional mix | any combination of the different forms of promotion to sell goods and services. |
| Pull strategies | are directed towards customers to increase their interest and demand for products. |
| Sales promotion | are activities or communications that encourage consumers to purchase products. |
| Personal selling | is face-to-face, personalized communication between a seller and a buyer. |
| Public or community relations | are activities used by a business or organization to gain and maintain a positive relationship between themselves and the community. |
| Sponsorship | is the financing of a sports or entertainment entity (athlete, league, team, concert, or event) by a business in return for recognition or affiliation. |
| Print media | is any written form of communication used to inform, persuade, or remind consumers about products or services offered. |
| Newspapers | the most common and the most cost effective type of print media. |
| Magazines | are likely to be used by advertisers to segment the market based on demographic and behavioral segmentation. |
| Direct mail | mail is sent directly to customers, or potential customers of a particular store. |
| Outdoor advertising | includes any outdoor signs and billboards. |
| Broadcast media | is any visual and/or auditory form of communication used to inform, persuade, or remind consumers about goods or services offered. |
| Radio advertisers | match their target market to a radio station that segments a particular market. |
| Television advertising | includes commercials and infomercials. |
| Online media | is the placement of advertising messages on the Internet and World Wide Web. |
| Banner advertisements | are rectangular boxes at the top or bottom of Web sites that are used to promote a Web site or business. |
| Pop-up advertisements | advertisements are the advertisements that “pop-up” and interrupt Internet surfing. |
| E-mail advertisements | are used to tailor messages to fit individual web surfers. |
| Specialty media | are “everyday” items with a company name written on them. For example, calendars, pens, and coffee mugs. |
| Annual Award Shows | an event where members of a certain industry promote themselves by presenting each other with awards. |
| 2. Trade shows and conventions | are promotional opportunities for manufacturers, wholesalers, retailers, and movie producers to learn about and support new products in the industry. |
| Incentives | used to generate awareness, interest, and increase sales. |
| Contest | are awarded based on contestant skill and or ability. |
| Sweepstakes | Prizes are awarded based on the chance or luck of the contestant. |
| Rebates | Discounts offered by a manufacturer if the consumer purchases a sports or entertainment good or service during a specified time period. |
| Premiums | are low cost items given away with the sponsor’s product as part of a sales promotion. |
| Coupons | offer reductions in price and are found in print advertisements, inserted inside product packaging, incorporated as part of the products package, or mailed to consumers. |
| Traffic-builders | low cost items given to customers for attending an event, or visiting a store. |
| Sampling | refers to giving consumers a “taste” for a sporting event or concert. |
| Push strategies | are used by a manufacturer to convince or “push” retailers to carry and promote products in their retail establishments. |
| Advertising | any paid, non-personal form of communication by an identified sponsor. |
| Brand | a trade name or trademark created by a company for a product in order to persuade the customer that this product is different from that of any competitor. |
| Consumer panel . | groups of consumers who are asked to test a new product and comment on their findings before the product is put on the open market |
| Competition-based pricing: | setting a price based on that being charged by your competitors. |
| Cost plus pricing: | calculating a price based on what it costs to produce the product plus a percentage markup. |
| Destroyer pricing: | setting prices deliberately low in order to destroy the competition. |
| Market-orientated pricing | a price based on what the consumer expects to pay or is willing to pay. |
| Market segment | group of people in a market grouped according to age, gender, socioeconomic group or geography |
| Marketing mix: 4Ps - | product, price, place, promotion. |
| Niche market | a section within a market segment. |
| Primary research: | also called field research. Involves collecting data from consumers through surveys, questionnaires, consumer panels and personal interviews. |
| Niche market . | a section within a market segment |
| Primary research | also called field research. Involves collecting data from consumers through surveys, questionnaires, consumer panels and personal interviews. |
| Product life cycle | the length of time a product is expected to sell for and the stages it goes through from launch to final decline. The main stages are: research and development, introduction (or launch), growth, maturity and saturation, decline. |
| Secondary research | also called desk research. Involves using existing data held by the company or produced by other agencies. |
| Skimming price . | setting a high price at the launch stage to recoup the high research and development costs. Used when introducing new technology, where some consumers are willing to pay a higher price in order to be the first to own that product. Prices are lowered after the initial period |
| Licensing | the permission to copy the name, logo, or trademark of a league, athlete, sports team, entertainer, film, television show, or character for a fee, also called a royalty. |
| licensor | is the rights-holder of the name, logo, or trademark. |
| licensee | the company paying for the permission to use the name, logo, or trademark. |
| Licensed products | are manufactured by licensees under an agreement with a licensor. |
| License | is issued to another company that will manufacture, market, and sell the licensed products. |
| character licensing | 1. A sports or entertainment entity permits a licensee to use their image, name, or character for a fee. |
| corporate licening | permits a licensee to use the corporate image or name for a fee. |
| bootlegging | the unauthorized use of a name, logo, or trademark of a league, athlete, sports team, entertainer, film, television show, or character. |
| Floods, blizzards, and fires | Natural risk |
| Possiblity of loss, no change, or gain | Speculative risk |
| Shifting to another person/business | Transferring (risk) |
| Caused by customers of employees | Human risk |
| Keep away from | Avoiding (risk) |
| Keeping for oneself | Retaining (risk) |
| Possiblity of loss or no loss | Pure risk |
| Shift in consumer demand | Economic risk |
| Taking action to reduce | Preventing/controlling (risk) |
| Making rules to protect citizens | Government intervension |
| Fading away over time | Obsolescence |
| Rivalry for the sales of goods or services | Competition |
| Promotional mix | any combination of the different forms of promotion to sell goods and services. |
| Pull strategies | are directed towards customers to increase their interest and demand for products. |
| Sales promotion | are activities or communications that encourage consumers to purchase products. |
| Personal selling | is face-to-face, personalized communication between a seller and a buyer. |
| Public or community relations | are activities used by a business or organization to gain and maintain a positive relationship between themselves and the community. |
| Sponsorship | is the financing of a sports or entertainment entity (athlete, league, team, concert, or event) by a business in return for recognition or affiliation. |
| Print media | is any written form of communication used to inform, persuade, or remind consumers about products or services offered. |
| Newspapers | the most common and the most cost effective type of print media. |
| Magazines | are likely to be used by advertisers to segment the market based on demographic and behavioral segmentation. |
| Direct mail | mail is sent directly to customers, or potential customers of a particular store. |
| Outdoor advertising | includes any outdoor signs and billboards. |
| Broadcast media | is any visual and/or auditory form of communication used to inform, persuade, or remind consumers about goods or services offered. |
| Radio advertisers | match their target market to a radio station that segments a particular market. |
| Television advertising | includes commercials and infomercials. |
| Online media | is the placement of advertising messages on the Internet and World Wide Web. |
| Banner advertisements | are rectangular boxes at the top or bottom of Web sites that are used to promote a Web site or business. |
| Pop-up advertisements | advertisements are the advertisements that “pop-up” and interrupt Internet surfing. |
| E-mail advertisements | are used to tailor messages to fit individual web surfers. |
| Specialty media | are “everyday” items with a company name written on them. For example, calendars, pens, and coffee mugs. |
| Annual Award Shows | an event where members of a certain industry promote themselves by presenting each other with awards. |
| Trade shows and conventions | are promotional opportunities for manufacturers, wholesalers, retailers, and movie producers to learn about and support new products in the industry. |
| Incentives | used to generate awareness, interest, and increase sales. |
| Contest | are awarded based on contestant skill and or ability. |
| Sweepstakes | Prizes are awarded based on the chance or luck of the contestant. |
| Rebates | Discounts offered by a manufacturer if the consumer purchases a sports or entertainment good or service during a specified time period. |
| Premiums | are low cost items given away with the sponsor’s product as part of a sales promotion. |
| Coupons | offer reductions in price and are found in print advertisements, inserted inside product packaging, incorporated as part of the products package, or mailed to consumers. |
| Traffic-builders | low cost items given to customers for attending an event, or visiting a store. |
| Sampling | refers to giving consumers a “taste” for a sporting event or concert. |
| Push strategies | are used by a manufacturer to convince or “push” retailers to carry and promote products in their retail establishments. |
| Advertising | any paid, non-personal form of communication by an identified sponsor. |
